South Korean venture ExoCoBio Inc has raised an $11 million Series A funding round within four months of its establishment.

The round involved South Korean venture capital (VC) firms,  SBI Investment, Atinum Investment, ID Ventures, and Dt&Investment.

Joonhyo Lee, CIO of SBI Investment said, “We have decided to invest in ExoCoBio because it has great exosome technologies and top management with two successful biotech IPO experiences. In the near future, we will have a world-class exosome biotech company.”

Set up in January 2-17, ExoCoBio develops biopharmaceuticals and cosmeceuticals based on stem cell-derived exosomes. The venture-backed startup has raised $13.5 million and is planning to establish R&D and GMP facilities to commercialise exosome-based cosmeceuticals.

Byong Cho, CEO of ExoCoBio said, “It is the world’s first biological product to activate your own adipose tissue. This large-scale investment will be the keystone to developing exosome-based cosmeceuticals and biopharmaceuticals,” he adds.

Hyung Kyu Lim, managing director of ID Ventures, said, “ExoCoBio’s core technologies have been patented and it is building strong entry barriers. It will become a global leader in the exosome industry.”

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